Limited partnership

A limited partnership is a form of business ownership. It involves two or more people, better known as partners. At least one partner involved in the business has unlimited liability. This general partner is personally and legally responsible for all debts incurred in the name of the partnership. The limited partner(s), on the other hand, has limited liability. More specifically, limited partners are only financially responsible up to the amount they have invested in the business. Generally, limited partners are not actively involved in the management of the business.

Other topics to be discussed include:

Distinction Between Limited Partnership and General Partnership

Advantages and Disadvantages

The Partnership Agreement

Transferring Limited Partner's Ownership

Dissolution of the Partnership